OPEC Fund Extends $150 Million Loan for Climate Action and Energy Transition in Colombia

OPEC Fund Extends $150 Million Loan for Climate Action and Energy Transition in Colombia

The OPEC Fund for International Development is set to provide a $150 million loan for the “Climate Action and Energy Transition Policy Programme” in Colombia. Dr. Abdul Hamid Al Khalifa, the Director General of the Fund, highlighted that the financing aims to support Colombia’s economic performance while aligning with the OPEC Fund’s climate action plan objectives.

According to the statement from the Fund’s headquarters in Vienna, the Colombian program focuses on strengthening climate action management, expanding smart agriculture, biodiversity preservation, supporting economic opportunities through sustainable resource use, developing circular economy models, and promoting the energy transition.

The OPEC Fund’s climate action plan, initiated in 2022, commits to allocating 40% of total new financing to climate-related investments until 2030.

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